Your Money, Your Wealth

Joe Anderson CFP® and Big Al Clopine, CPA answer real life investment questions for retirees and pre-retirees. Plus, 10 retirement statistics that might scare you. Joe and Al close the hour with a quiz on taxes - how will you fare? Original publish date May 21, 2016 (hour 2). Note that content may be outdated as rules and regulations have changed. 00:00 - Intro 01:56 - "GoBankingRates.com finds that more than half of Americans have less than $10,000 saved for retirement" 04:55 - "Can I roll over an old 401(k) to fund my child's 529 plan?" 09:05 - "Can I use tax money owed from my IRA to pay credit card debt?" 12:47 - "We want to sell my parents' house and my sister just wants to take over my payments. Do we get any of the money we've already put into the house back?" 18:17 - "If you know a few simple [tax] strategies you can save a lot of taxes in retirement" 19:39 - "Could I convert my IRA to a Roth and use the interest tax credit to reduce my tax liability on a transfer?" 25:28 - "What can we do if my ex-husband is trying to get his 401(k) to cash out from his previous employer but they are refusing to give it to him?" 30:57 - "If you ever get a call from the IRS, hang up and if you think it's valid, then call them yourself to make sure you're actually talking to the IRS" 36:14 - "I hear this all the time – the rich don't pay any taxes – I can tell you, I've been preparing returns for 30 years, that is not true. The rich pay a lot of taxes"

Joe and Big Al cover 15 mistakes even the smartest people make in retirement, courtesy of Go Banking Rates, in YMYW podcast episode 31. These mistakes include: claiming Social Security too early, being too conservative or aggressive with investments and failing to take your required minimum distributions (RMDs). Find out how to make your golden years the most successful they can be. Original publish date May 21, 2016 (hour 1). Note that content may be outdated as rules and regulations have changed. 05:17 - "When you look at the taxation of your retirement income… there are some significant things you can do" 09:40 - "We're talking about mistakes people are making and one of them is not necessarily taking a look at their home when they sell it and understanding the tax law" 11:34 - "If all of your money is in a retirement account, IRA, 401(k), 403(b)s and the like, all of that is going to be taxed at ordinary income rates – the highest of rates. You want to prioritize where you're going to be pulling your money from in retirement" 13:57 - "Another big mistake that people make is that a lot of you are taking Social Security maybe a little too early" 21:14 - "Unfortunately we don't take enough time to do upfront planning" 25:49 - "The truth is, taxes don't stop when your paycheck does; when you start tapping your retirement nest egg it comes with all sorts of new rules and opportunities"

Retirement isn't what it was when your parents left the workforce. In fact, it may not be what it was even a decade ago. In YMYW podcast episode 30, Joe Anderson & Al Clopine, dive into the realities of retirement as they shed light on 10 mistakes to avoid when achieving your retirement goals. They close the hour providing 11 fast facts about Roth IRAs. Original publish date May 14, 2016 (hour 2). Note that content may be outdated as rules and regulations have changed. 00:00 - Intro 05:59 - "You want to have an advisor that can really understand cash flow needs throughout retirement, taxes and how the investments all fit together" 10:14 - "We are living longer, and here are the stats – they're changing rapidly" 17:58 - "Don't fall for these three retirement myths" 19:44 - "Here's probably the biggest myth: you won't have to pay taxes [in retirement]" 21:25 - "Social Security income is tax-free in the state of California" 25:58 - "There are lots of ways to create tax-free income to keep less of your Social Security taxable, but you have to understand what those strategies are" 30:21 - "A spousal IRA works like this: let's say your spouse is working and you're not working or vice versa; as long as there's earned income, the non-working spouse can still contribute to a retirement account"

If you're in your 50's, retirement is probably right around the corner. During this time it's critical to make the right financial decisions to achieve your retirement goals. In episode 29 of the YMYW podcast, Joe Anderson, CFP® and Big Al Clopine, CPA break down 9 financial tips to help you enjoy a rich retirement, whether you're a late bloomer or you've been saving up money for years. Find out how to build wealth now and for the future. Original publish date May 14, 2016 (hour 1). Note that content may be outdated as rules and regulations have changed. 00:00 - Intro 05:27 - "When you turn 70 ½ and you have retirement accounts, there's a mandate that you have to take a certain percentage out of the account per year, and each year as you age that percent increases…when you have multiple accounts you have to be careful" 08:55 - "A Roth IRA does not have a required distribution; but if you have a Roth 401(k), the Roth 401(k) does have a required distribution" 11:28 - "There is no age limit for a Roth IRA contribution" 13:30 - "Income limits could prevent you from contributing so here are the new rules for 2016" 20:01 "What's happening now, especially with a lot of Baby Boomers is a lot of them are working longer than they want to work…in other cases people are having to reduce their lifestyle" 22:19 - "Here are some quick steps to build wealth in your 50's" 28:38 - "22 percent are very confident they will have enough money in retirement according to the Employee Benefit Research Institute's annual retirement confidence survey"

Learm how you can protect yourself from one of America's fastest growing crimes – identity theft. Plus, what's it going to cost you to retire? In episode 28 of the YMYW podcast, Joe and Al share three retirement errors that will crush your investment gains. Original publish date May 7, 2016 (hour 2). Note that content may be outdated as rules and regulations have changed. 00:00 - Intro 1:17 - "Identity theft is a real issue; we talk about it a lot on this show, especially when it comes to taxes and people filing fraudulent tax returns" 2:17 - "We focus on consumer education…educating the public on various issues related to identity crime and how to protect themselves" 4:50 - "Limit the amount of personal identifying documents that you carry with you every day" 5:30 - "Regularly monitor your bank statements and you should be checking your credit report several times a year…also shred your mail" 6:32 - "Get yourself off the list for pre-approved offers" 7:18 - "Secure your phone, tablet, your computer and understand all those pieces of hardware have lots of sensitive information about you" 11:28 - Identity Theft Resource Center contact info 21:42 - "If you're married, there are certain marital benefits – first of all, if you file a joint tax return and be in a lower tax bracket. For Social Security, if one spouse passes then you get to keep the higher of the benefits" 32:07 - "There are many mistakes you can make as a retirement investor. I want to focus on three retirement errors investors make all the time" 34:27 - "It's crucial to save for retirement but equally important to enter retirement debt-free"

Social Security changes are now in effect. In episode 27 of the YMYW podcast, Joe Anderson, CFP® and Big Al Clopine, CPA explain the best ways to maximize your benefit despite two major claiming strategies now eliminated. Listeners are also faced with the realities of retirement, as Joe and Al debunk common retirement and Social Security myths. Original publish date May 7, 2016 (hour 1). Note that content may be outdated as rules and regulations have changed. Download the Social Security Handbook 00:00 - Intro 06:07 - "The (2016) retirement confidence survey (by Employee Benefits Research Institute) reports that almost half- 47% of workers surveyed – think they'll need to save at least $500,000 for a comfortable retirement" 11:24 - "At certain income levels, your Social Security income is tax-free" 15:44 - "Even if you're currently retired, you have to look at what tax consequences are on the income you are producing" 16:55 - "That's what Social Security is giving you, it's a delayed retirement credit of 8% per year, each year that you delay" 22:48 - "We're living longer so it makes sense to push the retirement age out; that's just pure logic" 27:34 - "We're going to talk about dealing with fear and uncertainty in retirement and here are six ways to deal with it"

Big Al Clopine, CPA and Joe Anderson, CFP® share more ways to create tax-free income and savings in retirement in episode 22 of the YMYW podcast. Find out how the recent Social Security changes in 2016 affect your taxes and what other taxes in retirement you might encounter. Original publish date April 16, 2016 (hour 2). Note that content may be outdated as rules and regulations have changed. 00:00 - Intro 01:14 "Now that you have your claiming strategy dialed in, have you thought about what the taxation will be on your Social Security? It will depend on a few things" 05:03 "You want to be looking at Roth conversions because if you can prepay some taxes while you're in lower or even similar tax brackets, you can stay out of higher taxation later" 09:02 "It's all about putting yourself in the driver's seat when it comes to taxes. I would say the majority of folks don't give it much thought; at this time of the year they just pay their taxes and think that's the best they can do" 14:40 "Did you know that if you go on vacation and do Airbnb, as long as the visitors stays [at your house] less than 14 days, it's tax-free income" 15:01 "Here are your choices [for tax-free states to live in]: Nevada, Washington, Texas, Wyoming, South Dakota, Tennessee, New Hampshire and Alaska" 20:03 "Here's a survey done by the American Institute of Certified Public Accountants…they asked folks about the next president and asked what the priority should be from an economic standpoint" 24:20 "The more income you make the higher your [Medicare] premiums are…so could they do something with that for Social Security?" 33:06 "Roth conversions offer a possible solution to help clients manage taxes in retirement"

The best time to start planning for next year's tax season is at the end of this year's tax season. In episode 21 of the YMYW podcast, Joe Anderson, CFP® and Big Al Clopine, CPA tell you how to avoid tax surprises and reduce your taxes in retirement. Original publish date April 16, 2016 (hour 1). Note that content may be outdated as rules and regulations have changed. 00:00 - Intro 03:22 "The reason we talk taxes right at the end of tax season is because this is when you're thinking about it and the best time to make a change is right now for 2016 because most strategies that are available to you take time to implement" 05:33 "The truth is, you have more control over how much you pay in taxes in retirement than any other time in your life" 07:29 "You could be generating hundreds of thousands of dollars of income and pay very little tax on your Social Security depending on how that income is classified" 12:19 "We've seen people who have money outside of retirement accounts that pay very little tax, sometimes none because of tax loss harvesting and municipal bond income" 19:02 "Our firm has always been a fiduciary, we are a fee-only Registered Investment Advisor (RIA) and never accept commissions of any kind" 26:37 "When you take money out of a 401(k) or IRA, you have to pay taxes on it, and a lot of people don't realize that" 35:49 "You can actually do the Section 121 Exclusion and the 1031 Exchange on the same property"

Original publish date April 9, 2016 (hour 2). Note that content may be outdated as rules and regulations have changed. In episode 20 of the YMYW podcast, Big Al and Joe share four retirement account loopholes that could close soon. Plus, what you need to know about the recent changes to Social Security and how that could have a huge impact on your retirement. 00:00 - Intro 01:54 - "You don't have to sell your stocks when you do a required distribution" 03:53 - "If you have saved a lot of money in your retirement accounts, you have to start pulling it out starting at age 70 ½" 06:44 - "We think Roth IRA planning is significant, because if you can control the amount of money that is tax-deferred that will come out as ordinary income versus tax-deferred that will come out tax-free, those are two different animals" 11:14 - "The government is changing the rules on how you can claim your [Social Security] benefits, and the deadline is just around the corner" 14:10 - "If you turned 62 years old by 12/31/16, you still qualify to take a restricted application" 21:24 - "The longer you wait [to retire], the better off you'll be from an income standpoint" 26:19 - "You have more control over how much you pay in taxes in retirement than any other time in your life" 34:53 - "Taxes don't stop when your paycheck does, and a lot of people don't realize that"

Original publish date April 9, 2016 (hour 1). Note that content may be outdated as rules and regulations have changed. In episode 19 of the YMYW podcast, Joe and Big Al tackle some of the biggest questions about investing, including "Should I wait to buy a home until after the election?" and "If I'm a first time investor, should I invest with cash or margin?" Plus, Joe and Al look at the seven successful habits to help you reach financial independence, according to U.S. News & World Report. 02:46 - "With our firm, we act as a fiduciary 100% of the time" 07:08 - "April 18th is tax day this year" 13:01 - "California real estate is appreciated quite a bit more than the United States given the last 30, 40, 50 years" 19:51 - "Can I deduct my IRA contribution if I don't have an employer plan?" 27:49 - "The truth is you can save more in taxes than you think, but you must use a forward-looking tax-efficient strategy" 34:57 - "Paying yourself first means paying yourself before paying your bills…as our paycheck grows we tend to spend more"

Original publish date April 2, 2016 (hour 2). Note that content may be outdated as rules and regulations have changed. Episode 17 of the YMYW podcast, Big Al and Joe answer the most commonly asked questions about taxes, IRAs, 401ks and Roth IRAs. Plus, their favorite tax strategies. 00:00 - Intro 04:02 - "If you're married and one spouse is still working, you can still contribute to a Roth or IRA because of the non-working spouse election" 07:45 - "If I'm full retirement age and I'm still working, I think it makes more sense to delay to get the 8% delayed retirement credit" 10:28 - "What is the optimal long-term investment vehicle when someone has maxed out all tax-advantaged accounts?" 18:16 - "Let's say you have an IRA and you have stocks inside this IRA, and some of these stocks have gone down in value. Should you take your RMD from these stocks?" 21:29 - "An RMD is a required minimum distribution that you have to pull out of a retirement account if it's an IRA if you're over 70 ½" 25:38 - "When markets are down, Roth IRA conversions are a phenomenal strategy" 29:59 - "Your upfront contributions to a Roth IRA are tax deductible – true or false? False. They are not tax-deductible, they grow 100% tax-free though" 33:45 - "There is no age limit for contributing to a Roth as long as you or spouse have earned income to contribute" 37:25 - "The bottom line is if you're not contributing money to a Roth IRA or converting money to a Roth IRA, you've got to be looking at this because tax rates may be going up in the future"

Original publish date April 2, 2016 (hour 1). Note that content may be outdated as rules and regulations have changed. In episode 15 of the YMYW podcast. Joe and Big Al share the top five most costly retirement mistakes you could be making. Plus, don't miss these top tax tips the wealthy use to stay rich. 00:00 - Intro 06:18 - "If you make a big financial mistake at this stage in your life, you may never recover and we've seen huge mistakes. You'll be paying for it the rest of your life" 11:06 - "Here are some costly investment mistakes" 15:05 - "The reason I think they're so emotional [with their investments] is because they don't have that well thought-out financial plan or financial strategy" 19:52 - "[Have] the right asset allocations; some of you might have a portfolio that is suited for a 40-year old when you are in your 60's, and some of you might not be taking on enough risk" 24:10 - "If you think about where your retirement assets are located, probably most of them are located in IRAs, 401(k)s and 403(b)s. Guess what? When you take the money out of those plans, you have to pay income taxes on it." 31:25 - "If you think about taxes and tax planning during the year, you could actually make a pretty big difference in your tax liability" 34:27 - "We're a financial planning firm that focuses on all areas of financial planning, but taxes are a big deal because we manage a lot of money... and we want to make sure we give them the highest after-tax return possible"

Original publish date March 26, 2016 (hour 2). Note that content may be outdated as rules and regulations have changed. Episode 14 of the YMYW podcast is about money and our behavior: the biggest mistakes you could be making and how to fix them. Big Al also covers some tax strategies to consider as you approach retirement. 00:00 - Intro 01:08 - "One mistake is this: when you are investing your money, you might be confusing results with activity" 04:47 - "You have to look at conventional wisdom and throw it out the window when it comes to your overall investment strategy" 09:20 - "These are seven ways my expenses will change in retirement" 12:19 - "The cost of healthcare tends to increase significantly in retirement; average annual expenditures for healthcare jump from $3900 among workers age 50-64 to $5000 for retirees age 65-79" (Source: U.S. News) 21:18 - "The idea is to get away from commission-only [advice] which is what most of the industry still is" 36:49 - "I've been a CPA for over 30 years, and it amazes me how many people don't realize what strategies are out there, and they end up making poor decisions, big mistakes and they don't realize how important tax planning is until they do make the mistake that can cost them hundreds of thousands of dollars in taxes"

Original publish date: March 26, 2016 (hour 1). Note that content may be outdated as rules and regulations have changed. Episode 13 of the YMYW podcast is about retirement myths that can ruin retirees' plans. Find out why Baby Boomers won't be able to have a retirement like their parents. 00:00 - Intro 02:07 "40% of unmarried women have saved less than $1,000 [for retirement], according to a 2016 Retirement Confidence survey by Employee Benefits Research Institute" 05:55 "The opportunity is that we are living a lot longer and we get to enjoy our golden years longer which is great, but we also have to have a plan to cover it because it's not just Social Security anymore" 12:58 "Al and I have seen people who have millions of dollars and they blow through their money very, very quickly. Then we see people who have less than $100,000 and live a very comfortable retirement. It's about figuring out what retirement looks like to you" 18:09 "The Bureau of Labor Statistics predicts that more than a fifth of boomers 65 and older will be holding on to a job in 2024. When their parents were the same age in 1994, only a tenth were still employed" 27:12 "A lot of people are shocked when they find out how different types of retirement income are taxed, and I want to go through the six most common types of retirement income and how they're taxed" 32:12 "For those who have been listening to our show and have been doing Roth IRA contributions and Roth conversions, you'll be very happy to know that as you take money out of those accounts, it's all tax-free—100% tax-free"

Original publish date March 19, 2016 (hour 2). Note that content may be outdated as rules and regulations have changed. In episode 12 of the YMYW podcast, Joe and Al talk retirement risk. While risk can come in all shapes and forms, it's important to avoid making these risks when planning to maintain your lifestyle in retirement. Al closes off the discussion by discussing a fun personality quiz by Mashable you can take to figure out what your retirement passion project will consist of. 00:00 - Intro 01:01 "When you're in your 20's and 30's, you've got a long run in front of you and can afford to take on risk, but if you're retired or close to retiring, risk is enemy number one. Taking on too much risk at that stage of the game can be devastating because you may not be able to recover" 06:56 "You better make sure that you have a plan to make your money last into your 90's" 13:21 "If you're saving 4% this year, save 5% next year, 6% the year after and get yourself to the point where you're saving between 10% and 15%, and if you're older and getting closer to retirement and you're behind, there's no time to waste—you have to save as much as possible right now" 13:42 "Forbes had thirteen financial risks you can avoid; here are some examples" 18:04 "Unfortunately, taxes are likely going up in the future" 22:36 "One of the biggest misconceptions in retirement planning today is that you will be in a lower tax bracket in retirement" 29:10 "One in three Americans have zero dollars saved for retirement" (Source: Bankrate.com)

Original publish date March 19, 2016 (hour 1). Note that content may be outdated as rules and regulations have changed. In episode 11 of the YMYW podcast, Joe and Al discuss how retirement planning can help you avoid risks and keep you out of a retirement savings crisis. Find out if you should take advantage of these soon-to-disappear Social Security claiming strategies. 03:56 "Waiting for triggers in the overall market for you to make decisions financially is not the right move; you have to get your strategy in place now" 08:37 "Things have got to change and you really need to put things in perspective and start planning as soon as you possibly can" 10:32 "When it comes to these new [Social Security] rules, you have to act now. Let me explain what they are—there are two benefits that are going away" 13:14 "If you turned 62 years of age by 12/31/15, you still qualify to take that restricted application. You can take it on an ex-spouse as long as you were married to that ex-spouse for ten years, or if you are currently married" 18:06 "File and suspend is going away and you've got until April 28 to do this" 22:41 ""If you're married, it's a really good idea for the spouse who has the highest benefit to wait as long as they can, hopefully to age 70. Why is that? First of all, while you're both living, you'll enjoy that higher benefit, and when one of you passes (let's say the higher wage earner passes), then the spouse will get the survivor benefit which is equal to the same as the spouse that passed away" 34:18 "Tapping your retirement nest egg comes with all sorts of new rules and opportunities. Instead of contributing to tax-deferred accounts that reduce your taxes, you'll start tapping those savings for income and paying taxes at your regular rate—unless you're tapping into a Roth IRA, which we want you to be thinking about right now"

In episode 10 of the YMYW podcast, Big Al tests your retirement planning smarts by asking Joe and the listeners important retirement questions. How do you stack up? Original publish date March 12, 2016 (hour 2). Note that content may be outdated as rules and regulations have changed. 2:08 "The government must systematically devalue our currency so they can pay it back on cheaper dollars" 8:14 "Index funds tend to have very low expense ratios" 11:51 "Which of these pose a big threat to your retirement security? Inflation, investment ups and downs, outliving your financial resources or all of the above?" 16:02 "You want to stay liquid in your strategy because things will change in your life, in the stock market and in the tax code" 20:30 "You don't have to pay taxes on money you take out of a Roth IRA if you qualify" 25:18 "You have more control over how much you pay in taxes in retirement than any other time in your life if you just understand the strategies"

Original publish date March 12, 2016 (hour 1). Note that content may be outdated as rules and regulations have changed. In episode 9 of YMYW podcast, Joe and Big Al talk Social Security! Big changes are coming up fast, listen to find out what you need to do right now to take advantage before it's too late. 02:03 "Sanders would take tax capital gains rates at ordinary income and eliminate opportunities under current law for avoiding the tax through gifts and requests for appreciated property" 08:01 "We did a Social Security Webinar; if you want to check that out, go to our website" 11:44 "In just a matter of weeks, those little known [Social Security] claiming strategies are coming to a screeching halt. The government is changing the rules on how you can claim your benefits, and the deadline is just around the corner. For those who are eligible, you have a very short window to take action" 17:09 "April 28th [2016] is the deadline for you to file for your benefit and suspend them" 24:16 "If you're married, it's a really good idea for the spouse who has the highest benefit to wait as long as they can, hopefully to age 70. Why is that? First of all, while you're both living, you'll enjoy that higher benefit, and when one of you passes (let's say the higher wage earner passes), then the spouse will get the survivor benefit which is equal to the same as the spouse that passed away" 27:52 "If you do the appropriate planning, if you understand how this works, you could save significant dollars on your taxes" 34:03 "What is not included in provisional income is your Roth IRA distributions" 35:49 "Taxes don't stop when your paycheck does…as you near retirement, tax planning becomes more important than ever"

Original publish date March 5, 2016 (hour 2). Note that content may be outdated as rules and regulations have changed. In episode 8 of YMYW podcast, the retirement account show continues with strategies for self-employed individuals, horror stories of working with non-fiduciary advisors, and the top IRS scams you absolutely must know about.

Original publish date March 5, 2016 (hour 1). Note that content may be outdated as rules and regulations have changed. Episode 7 of YMYW is dedicated to retirement accounts and everyone who has one! Joe and Big Al share the biggest myths, misconceptions, and mistakes people make. Plus, new laws and proposals that could have a big impact on your retirement.

Original publish date February 27, 2016 (hour 2). Note that content may be outdated as rules and regulations have changed. In episode 6 of YMYW, Larry Swedroe joins the show to discuss what recency bias is and why you should avoid it. Joe and Al ask Larry what the key to successful investing is, and Larry talks about his books The Incredible Shrinking Alpha and Think, Act and Invest like Warren Buffett. 2:12 "The conventional wisdom goes like this: take distributions first from taxable accounts such as your brokerage accounts, then from tax-deferred accounts like your IRAs and 401(k)s…that is the rule of thumb for most advisory firms" 8:05 Interview with Larry Swedroe 9:14 "What investors tend to do, as we know, is they tend to buy after periods of strong performance which means they're buying when prices are high and then they tend to sell after periods of poor performance, which means valuations are relatively low and expected returns are not high" 10:01 "Research shows, shockingly, that individual investors on average are such poor investors that they actually underperform the very mutual funds they actually invest" 13:21 "The key to successful investing is to understand what Napoleon advised about military strategies: He said battles are never won on the field, they're won in the preparation stage" 15:26 "You have to just accept that markets are unpredictable and you must have discipline, you want to be a buyer when everyone is panic selling and you want to be a seller when everyone else is getting greedy. There is a simple although not easy way of doing that and it's called rebalancing your portfolio" 16:14 "What people don't understand is really how stocks are priced" 20:01 "People have this notion that if they can get in and out of certain asset classes or get in and out of certain markets, that's going to enhance their overall investment experience, but actually the opposite is true" 21:04 "The key is to understand how markets have changed over the last 70 years" 23:59 "It's not necessarily the mutual fund, it's the allocation and how you're actually positioning the overall accounts towards different areas of the markets" 24:55 "Here's the key: what investors need to focus on is not trying to choose a money manager or stock that they think will outperform…what you do want to focus on is putting your money in the asset classes that you believe are appropriate for you to hold" 28:43 "Investing is really simple; you need to have a well-thought-out plan to make sure you don't take more risk than you have the ability, willingness and need to take" 35:25 "When you have a fund that's outside of a retirement account and the manager is buying and selling, that's causing short-term gains which are the most expensive of gains. Now all of sudden you're paying more in taxes"

Original publish date February 27, 2016 (hour 1). Note that content may be outdated as rules and regulations have changed. In episode 5 of YMYW, Joe and Big Al discuss the financial planning landscape and why they chose to start Pure Financial. Big Al breaks down a few of the presidential candidates' tax plans. Plus, why women are better savers and investors than men. 00:00 - Intro 02:23 "Everyone needs a financial plan. Everyone absolutely needs a financial strategy to make sure they know what they need to be doing" 04:33 "We don't sell any products, there are no commissions generated to our firm" 08:17 "Our firm thinks it [the fiduciary rule] is a phenomenal thing, because we act as a fiduciary 100% of the time" 12:22 "We want to protect you against unscrupulous sales practices and things like that because we know the industry; we're in the business and we see the good, bad, ugly all day every day" 13:50 "In the tax realm, there are a lot of strategies he [Obama] wants to get rid of…right now I think it's important to realize what some of those strategies are so if they do apply to you, that you make sure you take advantage of them while they're still here" 14:28 "You can still do Roth IRA contributions for 2015 all the way up until April 15th of this year (2016)" 22:03 "Ted Cruz wants to do a flat tax; he wants to do a 10% flat tax across the board…who is that going to impact? It's going to impact the lower and middle class, while the wealthy will end up with a lot more money in their pockets" 27:10 "When you are married to a spouse who is making a lot of income, your self-employment income is pretty highly taxed, because you're already in the highest bracket and you've got self-employment tax to boot" 31:24 "Vanguard shows that women are the ones signing up for 401(k) plans and saving a larger piece of their salaries compared with their male counterparts"

Original publish date February 20, 2016 (hour 2). Note that content may be outdated as rules and regulations have changed. In episode 4 of YMYW: are you doing your retirement all wrong? Joe and Al discuss recent Social Security changes and which claiming strategies you shouldn't miss out on if you qualify (restricted application and file & suspend). Find out how you can make more informed decisions when incorporating Social Security into your overall financial strategies. The two finish off the hour explaining why working even one extra year can have a huge impact on your retirement. 1:59 "Money will have to last retirees a lot longer, so that's longevity risk" 7:29 "More older adults are retiring with outstanding debt" 11:32 "If you're 62 and older before the end of last year, you could still file a restricted application... Also, you have another deadline: April 30th: file for your benefits and then suspend them; these are the two things that are changing" 12:49 "The spousal benefit is half of the spouse's benefit" 16:43 "No Social Security benefits are taxable in California—zero" 17:34 "Congress just got rid of a few Social Security claiming strategies this year, so the new rules make it more important than ever to make informed decisions when incorporating Social Security into your overall financial strategies" 18:44"Those final few years that you actually work make a big, big difference in the success or failure of retirement." 23:40 "A lot of you, when you really sit down and look at your situation, it's a little bit tighter than you might want it to be" 34:55 "There's a lot of new things with the new tax bill that can benefit you from a permanent basis"

Original publish date February 20, 2016 (hour 1). Note that content may be outdated as rules and regulations have changed. In episode 3 of YMYW, Joe tells us about the most significant financial strategies to start implementing now; Surprising things the government wants to tax you on; and the return of "Tax Chat" as Big Al shares a couple of tax tips. 02:40 "You can't control the stock markets, you can't control interest rates, you can't control the price of oil..." 06:00 "You want to make sure you have enough capital in your overall portfolio to maintain that [retirement] lifestyle" 10:25 "We've been doing this radio show for over 10 years, we teach a lot of retirement courses at local universities and community colleges. If you go to our website we have a learning center with over 200 videos. What we try to do is make sure we empower people" 15:39 "Educate yourself to understand how much risk you're taking in the portfolio" 17:10 "Taxes are something that you actually do have some control over, as long as you know how to manipulate and utilize the tax code to your advantage" 31:29 "A lot of you are in the sandwich generation, and what the sandwich generation means is that you have elderly parents that you are caring for and then you still might have kids on the payroll, so money is going every which way except your retirement" 31:50 "One of the biggest financial risks to retirement is your own grown children"

Original publish date February 14, 2016 (hour 2). Joe and Big Al discuss negative interest rates and how they could affect you. Plus, the President released this year's budget proposal! Big Al and Joe break it down and explain what the changes could mean for you and your beneficiaries. 4:24 "If you work an extra two years, it means that's two years less that you're taking from your portfolio and that's two years more that you're deferring your overall Social Security benefits" 10:22 "There are significant changes going on with Social Security; we are doing a webinar [on February 23rd, 2016] if you'd like to sit in the comfort of your own home and listen for an hour" 11:43 "For a long time economists believed that nominal interest rates or the amount of money received for depositing money was theoretically bound to zero" 12:05 "Lately, however, central banks from Europe to Japan have implemented a negative interest rate policy in order to stimulate economic growth" 19:18 "Here's what they're trying to eliminate: the backdoor Roth IRA, the stretch IRA, and step-up in cost basis at death" 19:55 "Here's how it [step-up in cost basis] works: when you pass away, your assets get stepped up to whatever they're worth at the date of death. Let's just say you bought a home for $100,000 and now it's worth $1 million and you pass away--you didn't sell it. When your kids get it and if they sell it for $1 million, do they have to pay gains on the $900,000 gain? The answer is no - it's a step-up in basis so it's as if your children bought that asset for $1 million. It works with stocks, real estate and anything outside of your retirement account, it gets that step-up in basis" 22:02 "Here's another change: adding RMDs at age 70 1/2 for Roth accounts" 24:08 "If it's a large account, your non-spouse beneficiaries are going to pay a ton of tax in those accounts if you have a large balance in those accounts" 26:47 "You want to convert while assets are down because if you convert now, the recovery with the future growth in the IRA is all tax-free" 28:22 "What you need to do right now is have a forward-looking tax strategy created so you can figure out what steps you need to do this year, next year and the future so you can stay out of higher tax brackets coming" 30:02 "If you have more than $3.4 million in a retirement account, you will no longer be able to contribute to retirement accounts. You can still save money but it won't be sheltered from tax" 31:25 "Capital gains is a lot lower rate than ordinary income rate, in fact capital gains for most people is 15%, but ordinary income tax rates go as high as 39.6% so it can be a huge tax savings"

Original publish date February 14, 2016 (hour 1). Welcome to the Your Money, Your Wealth® podcast: retirement planning, investing, and tax reduction made fun. Hosts Joe Anderson, CFP®, and Alan "Big Al" Clopine, CPA of Pure Financial Advisors have been providing financial education on the Your Money, Your Wealth® radio show in Southern California since 2008, and on the Your Money, Your Wealth® television show in San Diego since 2014! In this, the first episode of the YMYW podcast, Big Al tries to stump Joe with the financial literacy test that Forbes says 80% of participants failed. 3:08 "Just because the balance of your overall portfolio goes down, that doesn't necessarily mean you lost money – that's volatility; that is normal in any type of market cycle" 7:03 "Another thing you should be doing is tax loss harvesting, so you want to harvest some of the losses if you have down positions. Sell those and buy something similar to take those losses on your tax return" 8:05 "An article out of Forbes Magazine reveals that 81% of Americans failed a basic financial literacy test" 8:44 "Planning for your retirement can be scary, but when you think you know what you're doing and you really don't, the final outcome could be really scary" 12:22 "What's interesting about this is a lot of folks who took the test were very confident in their abilities to retire successfully (yet 80% failed the test)" 20:59 "Which of the following types of long-term bonds typically have the highest yield? Triple A-rate corporate bonds, B-rated corporate bonds or treasury bonds?" 24:56 "Anything that comes out of a retirement account that you took a deduction for is going to be paid full ordinary income tax and the state of California tax" 26:11 "As a CPA I would honestly say, it's been 30 years+ in the business and it does amaze me how many people fail to get the message about tax planning until they make a mistake that costs them thousands of dollars" 32:10 "There is an age limitation on IRAs, so after 70 ½ you can no longer contribute to an IRA, however if you're over 70 ½ you can still contribute to your employer-sponsored plan" 34:06 "When do you want to do your Roth conversions? When the market is down!"